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Epigenomics reports results for the financial year 2012
22-Mar-2013
- Germany
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Epigenomics AG announced its results for the financial year ended 31 December 2012 and provided an outlook for 2013.
2012 Financial results
- 2012 revenue amounted to EUR 1.0 million (2011: EUR 1.4 million) generated from product sales of Epi proColon® kits, royalty payments, licensing income and partnering activities; the decrease compared to 2011 is primarily due to one-off licensing payments received in 2011 with no comparable effects in 2012. Product sales prior to a potential approval of Epi proColon® in the US continued on a low level, though moderately increasing, over the year.
- Other income increased to EUR 1.0 million (2011: EUR 0.5 million) primarily driven by the reversal of provisions related to the restructuring of the Company in 2011.
- Net loss improved by 22% to EUR 12.2 million (2011: EUR 15.6 million). The decline in total revenue and an increase of R&D costs due to the execution of the comparison study were overcompensated by the absence of extraordinary effects (i.e. restructuring and goodwill amortization) in 2012 (2011: EUR 5.5 million).
- Epigenomics implemented significant cost savings in 2012. Consequently, cash consumption was reduced to EUR 10.9 million (2011: EUR 12.2 million) but contained high cash outflows directly attributable to the study mentioned above (EUR 2.3 million) and payments related to restructuring measures taken (in total EUR 1.4 million).
- Cash and cash equivalents at year-end 2012 amounted to EUR 2.7 million (2011: EUR 14.0 million). The Company raised gross proceeds of EUR 5.0 million in an equity issue at the beginning of 2013.
Outlook for 2013
- Prior to securing approval of Epi proColon® as an IVD product in the U.S. market, Epigenomics remains cautious and does not expect revenues to significantly differ from 2012 levels.
- BIT and net loss for 2013 are expected to be significantly lower than in 2012 due to the full effect of the 2011 restructuring and significantly reduced R&D expenses. Net loss for 2013 expected in the range of EUR 6.5 to 7.5 million.
- In line with reduced net loss, cash consumption 2013 is expected to be in the range of EUR 6.5 to 7.5 million.
- Current financial resources expected to support the Company’s operations until the end of 2013. Epigenomics will continue to diligently explore all strategic options, including the possibility to raise capital.
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